Fintech

Involuntary medical debt continues to impair the credit of an untold number of otherwise creditworthy Americans. Federal courts have left the door open for Congress to amend the Fair Credit Reporting Act in a way that would address the problem.

Wells Fargo CEO Charlie Scharf said bankers and economists are broadly against lowering interest rates now, given uncertainty from the Iran war.

The international messaging network is attempting to standardize consumers' cross-border payment experience as other payment rails such as Visa Direct, Mastercard Send and stablecoins pressure the correspondent banking system.

The Office of the Comptroller of the Currency sent an interim final rule to the Office of Management and Budget that would preempt a controversial Illinois state law banning the collection of interchange fees on taxes and tips interchange.

The Providence, Rhode Island-based bank is analyzing its 14-state branch network and plans to unveil details of a branch optimization plan by midyear, executives said.

Brazil's real-time payment rail is adding PayPal as an option for small- to medium-size business payments; HSBC is launching a Hong Kong dollar-denominated stablecoin; Sezzle expands BNPL; and more in this week's global payment roundup.

The investment bank reported a surge in net revenues for the first quarter, aided by robust client activity in investment banking and wealth management.

Israel Velasco, who is slated to become the head of the Puerto Rican bank's U.S. subsidiary, will be charged with helping to implement the company's new strategic framework.

Banks are spending more on security for their executives, given the murder of UnitedHealthcare's CEO; a new lender targets mineral-rights holders.

Oil rights can be a surprisingly illiquid asset. A fintech called Frontlands is hoping to change that by offering a credit card for the owners of oil wells and other natural resources.